Deloitte has produced an update of their report, ‘Digital disruption – short-fuse, big bang?’, which identifies that professional services (of which accountants are part) are going to encounter significant ‘digital disruption’ up to 2017, amounting to a 32% drop in business activity.
Deloitte suggested that, to minimise threats posed by ‘digital disruption’ and to maximise an organisation’s ‘digital potential’, it’s about ensuring businesses are ‘digital survivors’. Deloitte suggested:
- recalibrating cost structures;
- replenishing revenue streams; and
- reshaping corporate strategies.
Recalibrating cost structures
- Can you ‘re-jig’ your cost structure?
- How does the business’ costs compare to new ‘digital’ competitors?
- How can the business get more competitive?
- Can the supply chain be improved?
- Can products be sourced on a ‘just in time’ basis to reduce warehousing costs?
- Could administration costs be reduced by putting administration in the ‘cloud’?
Replenishing revenue streams
- Consider what old products can be replaced with new products.
- Should you commit to a strategy to introduce new products over the next two years, such as:
- Business Advisory Services
- ‘Virtual’ Chief Financial Officer (CFO) Services
- Retirement Planning
- Accessing Pensions
- Retirement/Nursing Home Planning
- Risk Management – Personal Property Securities Register (PPSR) Due Diligence Reviews
- Estate Planning
- Taxation work is changing – less returns, more of a commodity product!
- What further changes are likely to occur over the next three years?
Reshaping corporate strategies
- Which of your assets are declining in value?
- Can you divest yourself of any of your present business and then invest in new activities which will create growth?
- How is ‘cloud’ technology affecting your business, market and competitors?
- What services are your clients seeking? Are you going to be able to supply them?
Deloitte indicated that, “ultimately, digital disruption will affect every corner of Australian business and society.”
ESS BIZTOOLS supplies tools to assist accountants deliver business advisory service products that many SMEs have indicated in surveys that they require from their accountants.
You can sign up for a Guest subscription and try ESS BIZTOOLS for 30 days, free of charge, no obligation. Click here to get started.
You’re also invited to attend our informative webinars, on ESS BIZTOOLS, for October. Our webinars contain educational topics that relate to accountants offering business advisory services. Attending our webinars will also entitle you to claim Professional Development (PD) hours. Click on your preferred webinar below to register.
| Date and Time | Key Educational Feature | PD Hours |
| Tuesday 14 October 2014 – 1pm AEST (2pm AEDT) | PPSR Due Diligence System | 1 |
| Tuesday 23 October 2014 – 11am AEST (12pm AEDT) | Products in Business Advisory Services | 1 |
Full details are available on our website, www.essbiztools.com.au
What Product and ESS BIZTOOLS have negotiated a 10% discount for all What Product members who subscribe to ESS BIZTOOLS. To obtain this discount, please quote ESS3WHA when completing the ESS BIZTOOLS’ subscription form.
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